What is the amount of capital loss deduction


Response to the following problem:

During the year Nancy had the following transactions:

Short-term Capital loss (1,800) Short-term Capital gain 3,600

Short-term Capital loss carryover from last year (2,200)

Long-term Capital gain 7,000

Long-term Capital loss (15,000)

What is the amount of her capital loss deduction for the year, and what is the amount and character of her capital loss carryover?

Show all work and calculations.

 

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